Bitangels Co-Founder Sues AT&T for $224 Million Over Cryptocurrency Hack

AT&T, the telecom giant, is facing a tough time these days as the co-founder of Bitangles, Mr. Michael Terpin has filled a 69-page lengthy lawsuit against the company. The lawsuit states that the co-founder is has been hacked twice and lost $24 millions in cryptocurrencies hack. He carries on his allegations with the comment that his mobile phone was compromised with hackers for this cryptocurrency hack and AT&T is allegedly involved in the SIM swap fraud.

A big loss

The LA-based legal firm Greenberg Glusker filed the lawsuit against AT&T on behalf of Michel Terpin. The legal firm explained that the victim has firm believe that the telecom giant has a significant role to play in this cryptocurrency hack against him as it is not possible to get the mobile details so quickly. Terpin believes that any top-level official helps malicious hacker to steal the digital asset of the people. Now, he wants his $24 million back which he has lost along with the $200 million as penalizing damage.

Not the sole accused

This is not the first time that any telecom company has been charged to reveal the customer details to any unreliable sources. Other market players like T-Zone and Verizon has also faced severe allegations about revelation the data of the user and PIN and SIM swap.

Though AT&T has denied these allegations straightforwardly and cleared its situations in this cryptocurrency hack, much earlier SIM swapping scam makes it case dubious.

The New York State Division of Consumer Protection has received various such complaints in the past. Recently, on July 18, the bureau arrested a man who was a principal accused in multi-state cyber fraud gang. The gang stole hundreds of thousands of dollars in various cryptocurrency hacks. The first such SIM swap fraud came into the legal eye when a mother caught her son red-handed who was pretending to be an AT&T employee with a potential victim.